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Bank of Japan Operations in the Money Markets (April 2003)

May 1, 2003
Bank of Japan
Financial Markets Department

Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)

Table: Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)(100 million yen, percent per annum)
Date of Offer Instrument Date of Exercise Date of
Resale or
Repurchase 		(a)
Amounts Offered 		Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata or Non-pro-rata Rate 		Average Successful Bid Rate Allocation on a Pro-rata Basis Rate
2003                  
4/1 Bills-sales 4/1* 4/14 15,000 41,850 15,006 0.001 0.001 53.9
1 Bills-sales 4/1* 4/21 10,000 26,010 10,001 0.001 0.001 55.9
2 CP-purchases 4/4 5/21 4,000 6,084 4,166 0.003* 0.005 -
2 Bills-sales 4/3 4/21 10,000 26,250 10,002 0.002 0.001 16.1
2 Bills-sales 4/4 4/23 10,000 18,950 10,001 0.003 0.002 41.5
8 JGSs-purchases 4/10 4/24 5,000 17,006 5,029 0.012* 0.017 -
9 Bills-purchases-Head 4/10 5/7 5,000 16,855 5,006 0.007 0.009 82.5
9 Bills-sales 4/11 4/17 7,000 19,850 7,003 0.001 0.001 96.6
10 JGSs-purchases 4/14 4/30 4,000 11,294 3,894 0.003* 0.006 -
10 CP-purchases 4/14 5/28 4,000 7,433 3,973 0.005 0.007 37.1
10 Bills-sales 4/14 4/21 7,000 15,200 7,002 0.002 0.001 27.1
10 Bills-sales 4/15 4/25 6,000 20,330 6,004 0.002 0.001 7.1
11 Bills-sales 4/14 4/25 6,000 10,620 6,001 0.003 0.002 73.1
11 Bills-sales 4/15 4/25 9,000 14,200 9,002 0.005 0.003 56.4
14 Bills-sales 4/15 5/2 6,000 16,930 6,002 0.006 0.004 63.8
15 Bills-sales 4/16 5/2 6,000 21,060 6,003 0.006 0.006 75.6
15 Bills-purchases-Head 4/17 6/13 5,000 21,315 5,001 0.007 0.009 43.0
16 Bills-sales 4/17 5/2 8,000 25,440 8,006 0.007 0.005 19.4
17 JGSs-purchases 4/21 5/8 4,000 16,736 4,003 0.006 0.008 21.4
17 Bills-sales 4/18 5/2 8,000 21,480 8,003 0.009 0.008 44.7
18 CP-purchases 4/22 6/6 4,000 8,121 4,095 0.012* 0.013 -
18 Bills-sales 4/21 5/9 8,000 22,340 8,005 0.010 0.009 66.8
21 Bills-sales 4/22 5/12 8,000 22,270 8,005 0.010 0.009 61.5
21 Bills-purchases-All 4/23 6/20 5,000 27,804 5,004 0.010 0.012 76.7
22 JGSs-purchases 4/24 6/10 4,000 15,440 3,953 0.008* 0.010 -
22 Bills-sales 4/23 5/14 8,000 17,090 8,008 0.010 0.010 68.2
23 Bills-sales 4/24 5/16 5,000 15,090 5,002 0.010 0.010 56.8
24 CP-purchases 4/28 6/11 4,000 7,593 4,075 0.013* 0.015 -
25 Bills-sales 4/28 5/19 6,000 14,050 6,003 0.010 0.010 90.1
25 Bills-purchases-Head 4/30 7/8 5,000 21,321 5,002 0.011 0.014 16.6
28 JGSs-purchases 5/1 6/13 4,000 15,071 4,002 0.010 0.012 13.0
28 Bills-purchases-Head 4/30 5/23 5,000 14,601 5,002 0.008 0.010 12.9
28 Bills-sales 5/1 5/21 6,000 17,410 6,004 0.011 0.010 69.5
30 Bills-sales 5/1 5/22 8,000 27,939 8,003 0.011 0.010 46.3

Outright Purchases and Sales Operation of TBs and FBs

Table: Outright Purchases and Sales Operation of TBs and FBs(100 million yen, percent per annum)
Date
of
Offer		 Instrument Date of Exercise (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (c)
Pro-rata or Non-pro-rata Yield Spread 		Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2003                
4/4 Outright purchases 4/9 6,000 21,637 6,003 0.003 0.004 64.7
11 Outright purchases 4/16 6,000 19,919 6,004 0.000 0.001 35.2
18 Outright purchases 4/23 6,000 27,301 6,007 0.001 0.001 83.2
25 Outright purchases 5/1 6,000 23,161 6,008 0.001 0.002 17.9

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 2, 300.0 billion yen on April 8, 300.0 billion yen on April 16 and 300.0 billion yen on April 23. The purchases were exercised at 288.2 billion yen on April 7, 300.1 billion yen on April 11, 300.6 billion yen on April 21 and 300.8 billion yen on April 28, respectively.

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    Bills-purchases-Head : Outright Purchases of Bills at Head Office
    Bills-purchases-All : Outright Purchases of Bills at All Offices
    CP-purchases : Purchases of CP under Repurchase Agreements
    JGSs-purchases : Purchases of JGSs under Repurchase Agreements
    JGSs-sales : Sales of JGSs under Repurchase Agreements
    Outright Purchases : Outright Purchases of TBs/FBs
    Outright Sales : Outright Sales of TBs/FBs
  2. * denotes dates when offers and transactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates; otherwise the figures denote pro-rata rates.
    3. (c) The difference between the yield at which operation counterparts want to sell (purchase) and the corresponding yield determined by the Bank of Japan with the prevailing market yield (the "yield spread") taken into account for auctions.
      *denotes non-pro-rata yield spreads; otherwise the figures denote pro-rata yield spreads.